The Central Virginia Planning District Commission (CVPDC) has announced the award of $773,000 from its Virginia Housing PDC Development Grant to four developers creating affordable housing within the region.
The award, along with $450,000 awarded to Rush Homes in September, will result in 47 new affordable residential units across the Central Virginia Planning District, including the town of Altavista, Amherst County and the city of Lynchburg, a news release states.
Grant awards were provided to Greater Lynchburg Habitat for Humanity, the town of Altavista, Amherst County Habitat for Humanity and AHC Investments LLC.
Each of the developed units will be made available to individuals or families with incomes at or below 80% Area Median Income.
“It is a pleasure to announce the award to these projects creating much-needed affordable housing in our region. We applaud the commitment of each these developers in developing quality housing,” Alec Brebner, executive director at CVPDC, said in the release.
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In 2021, Virginia Housing, a leader in advancing affordable housing throughout the Commonwealth, awarded $40 million to the 21 Planning District Commissions in Virginia.
The CVPDC was awarded $2 million to provide funding to create at least 20 affordable units over the three-year grant, the release states. The $1.22 million in the CVPDC-awarded funds to date, will be leveraged by an additional $9.56 million in funding secured by the five developers to advance these affordable housing projects.
— Rachael Smith